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The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007 / Marc Flandreau, Juan H. Flores, Norbert Gaillard, Sebastián Nieto-Parra.
- Format:
- Book
- Author/Creator:
- Flandreau, Marc.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15128.
- NBER working paper series no. w15128
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The End of Gatekeeping
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging, and signaling. We find that the market setup experienced a radical transformation in the recent period, and we interpret this as resulting from the rise of liability insurance provided by rating agencies. Underwriters have given up their former role as gatekeepers of liquidity and certification agencies to become aggressive competitors in a new Speculative Grade market.
- Notes:
- Print version record
- July 2009.
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